Now that a Mortgage Rate battle is about to begin ... we should expect that Deposit Interest rates will fall further and perhaps move to minus %. I know that has already happened for corporate deposit rates. This will have a very interesting effect on money movement ... do people head for riskier assets ( Shares / Property / Commodities etc ) ... or do they simply keep with the current conservative trend and pick the straight forward option of paying down mortgage debt. I suspect that most of the 100b on deposit in banks here is held by tracker mortgage holders on very low rates ...they may now be tempted to switch money over if rates go zero.